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Mastering Elliott Wave with Glenn Neely

Mastering Elliott Wave: Presenting the Neely Method:
The First Scientific, Objective Approach to Market Forecasting
with the Elliot Wave Theory

 Is it possible to predict the future?

Natural forces guide all things in nature. Some of these forces we understand, some we do not. Those we understand allow us to make predictions about the future. For example, our understanding of the earth's revolution around the sun allows us to predict (and explain) me seasons and their repetition. For those attempting to forecast economic activity (i.e., the stock market, gold market, bonds, etc.), the primary force all work is psychology. What people do and how they feel about the future is a direct result of their personal psychology. The price level of a market is directly linked to how people currently feel and what they perceive to be its prospects for the future. The net result of millions of people interacting-buying and selling goods and services, stocks and commodities-produces a pattern to economic development which is a reflection of mass psychology.

It follows that market price action, being the by-product of what people were willing to pay for goods and services, is a record of the emotions of the people as a whole. As a result, market price action is nothing more than the graphic embodiment of mass opinion. The Elliott Wave Theory, as introduced by R. N. Elliott in the early 1930's, defines, quantifies and classifies the seemingly random undulations of mass psychology (market action) into visual price patterns.

Since R.N. Elliott described psychological development as structurally repetitive phenomenon which obeys common mathematical laws of progression, studying the record of a market' s price action will provide you with strong clues on the current state and position of mass psychology (within a standardized sequence) and its future economic ramifications. Unfortunately, in its original form, many concepts and ideas concerning real-time application of the Elliott Wave Theory were left to the analyst to discover.

After a decade of exhaustive research, realtime trading and teaching, Mr. Neely has greatly expanded upon and refined the concepts First discovered by R. N. Elliott to help you more accurately apply them to your trading, investments and business's endeavors.

For the first time, these concepts are presented in a logical, step-by-step fashion, in the actual order they should be applied to a price chart. Consequently, all guess work typically associated with the Wave theory has been eliminated for you. If you yearn for a greater understanding of the dynamics of market price action, if you long for the ability to predict the future (for profit or for fun), this book will help you achieve that goal like no other.

Author: Glenn, Neely,
Item #: 2490
Pages: 279
ISBN: 0930233441
Publisher: Windsor Bks/Probus
Format: Book: Hard Cover
Publish Date: September 1990

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Mastering Elliott Wave: Presenting the Neely Method: The First Scientific, Objective Approach to Market Forecasting with the Elliot Wave Theory    
MASTERING ELLIOTT WAVE

Glenn Neely


1 ELEMENTARY DISCUSSIONS
What is the Elliott Wave Theory?
Price Patterns of Psychology
Natural, Non-Periodic Phenomenon
A Unique Analytical Tool
Additional Examples

Why Discover Elliott Wave Theory?
Multiple Benefits
Multi-area Application
Numerous Techniques Unnecessary
Helpful in Indicator Clarification
Signals Infrequent, but Reliable

Why the Controversy?
Complexity
Public Mind Set
Years to Master
Application Requires Time
Endless Array of Specifics
Memorization
Frequent Indeterminacy
Difficulty

Why This Book May Create More Controversy

What Makes Elliott Wave Theory Unique?
Complete Perspective
Quantification of Mass Psychology
Detailed Categorization
Grand Simplification
Clear Delineation of Price Behavior

How Should You Discover the Theory?

Why Another Book on Elliott Wave was Necessary
Additional Techniques Required
Specific Procedures Described
Realistic Diagrams Previously Non-Existent
Disclosure of Advanced Concepts
Original Presentation Sequence
New Terminology

New Discoveries, The Neely Extensions

How I Discovered these New Concepts and Techniques
The Telephone Course
Long Hours of Work

Where is the Theory Applicable?

How Should You Work with and Perceive Elliott?
Meticulously
Open-Minded

What's Next?

2 GENERAL CONCEPTS
What is a "Wave?"

Why do Waves Occur?

Why are Waves Important?
Finances
Psychology
Patterns

How Do You Categorize Waves?
Classes
Degree

How Do You Label Waves?
Structure Labels
Organization
Progress Labels

What Data Should be Used to Analyze Waves?
Closing Price Data
Bar Charts
Futures Charts
Cash Data

How Do You Plot Data?
How Many Charts are Necessary?

How Complicated Do Waves Get?

How is This Knowledge Used to Analyze?

3 PRELIMINARY ANALYSIS
Chart Preparation and Data Management
Identification of Monowaves
Rule of Proportion
Rule of Neutrality
Chronology
Rules of Observation

Retracement Rules
Rule Identification
Graphical Summary of Retracement Rules

Pre-Constructive Rules of Logic
Transformation of Rule Identifiers
Implementation of Position Indicators
Directions
Position Indicator Definitions and Sequences
Pattern Isolation Procedures
Special Circumstances

Synopsis of Chapter 3

4 INTERMEDIARY OBSERVATIONS
Monowave Groups

Rule of Similarity and Balance
Price
Time

Rounds (1 through 3)

Zigzag "DETOUR" Test

What's Next?

5 CENTRAL CONSIDERATIONS
Construction of Polywaves
Impulsions
Essential Construction Rules
Application to market action
Extension Rule - (the Litmus Test)
Introduction of Progress Labels to the Wave
Group
Conditional Constuction Rules
Rule of Alternation
Rule of Equality
Overlap Rule
Review
Breaking Point - Impulsions
Channeling
Fibonacci Relationships
1st Wave Extension
3rd Wave Extension
5th Wave Extension
Degree
Realistic Representations

Corrections
Introduction of Progress Labels to the Wave
Group
Essential Construction Rules
Flats
Strong b-wave
Normal b-wave
Weak b-wve
Zigzags
Normal
Truncated
Elongated
Triangles
Contracting
I. Limiting
a. Horizontal variation
b. Irregular variaation
c. Running variation
II. Non-Limiting
Post-Triangular Thrusts
Expanding
I. Limiting
a. Horizontal variation
b. Irregular variaation
c. Running variation
II. Non-Limiting

Conditional Construction Rules - Corrections
Alternation
Price
Time

Breaking Ponint - Corrections
Channeling
Fibonacci Relationships
Flats
Strong b-wave
Normal b-wave
Weak b-wave
Zig-zag
Normal
Elongated
Truncated
Triangles
Degree
Realistic Representations - Corrections

CHAPTERS 6 THROUGH 12 ARE ALMOST EXCLUSIVE THE NEELY EXTENSIONS
OF ELLIOTT WAVE THEORY

6 POST CONSTRUCTIVE RULES OF LOGIC
Impulsions
Two Stages of Pattern Confirmation
Stage 1
Stage 2
1st Wave Extension
3rd Wave Extension
5th Wave Extension

Corrections
Requirements for Pattern Confirmation
Flats and Zigzags
Triangles

7 CONCLUSIONS
Compaction Procedures
Regrouping
Integration
Progress Labels - Revisited

Complexity Rule
Manowaves
Polywaves
Multiwaves
Macrowaves

More on Degree
Degree Titling
Degree Symbolizing
Review

What is a Wave? - Revisited

Flow Chart of Entire Neely Method of Elliott Wave Analysis

8 CONSTRUCTION OF COMPLEX POLYWAVES, MULTIWAVES ETC.
Construction of Complex Plywaves
Standard Type
Non-Standard Type
Additional Retracemetn rules
Specifications
Condition 1
Condition 2
Complex Correction with Small x-Wave(s)
Complex Correction with Large X-Waves(s)

Construction of Multiwaves
Impulsive
Corrective

Constuction of Complex Multiwaves

Construction of Macrowaves
Impulsive
Corrective

More on Alternation
Intricacy
Construction

More on Extensions
Extensions vs. Subdivisions
Importance of Knowing Which Wave Extended

Knowing Where to Start a Count

9 BASIC NEELY EXTENSIONS
Trendline Touch Points
Time Rule
Independent Rule
Simultaneous Occurrence
Exception Rule
Aspect-1
Aspect-2
Necessity of Maintaining "Structure" Integrity
Locking in Structure
Flexibility of "Progress" labels (expansion of a pattern)

10 ADVANCED LOGIC RULES
Pattern Implications
Retracement Based on Power Ratings
All Corrections (except Triangles)
Triple Zigzag
Triple Combination
Triple Flat
Double Zigzag
Double Combination
Double Flat
Elongated Zigzag
Elongated Flat
Zigzag
Wave-c longest
Wave-c equal
Wave-c shorter
B-Failure
Common
Irregular
C-Failure
Irregular Failure
Double Three
Triple Three
Running Corrrection
Double Three Running Correction
Triple Three Running Correction

Triangles
Contracting
I. Limiting
a. Horizontal
b. Irregular
c. Running
II. Non-Limiting
Expanding
I. Limiting
II. Non-Limiting

Impulsions
Trending
Terminal

11 ADVANCED PROGRESS LABEL APPLICATION
Impulse Patterns
Trending
Wave-1 Extended
Wave-1 Non-Extended
Wave-2
Wave-3 Extended
Wave-3 Non-Extended
Wave-4
Wave-5 Extended
Wave-5 Non-Extended
5th Wave Failure
Terminal
Wave-1 Extended
Wave-1 Non-Extended
Wave-2
Wave-3 Extended
Wave-3 Non-Extended
Wave-4
Wave-5 Extended
Wave-5 Non-Extended

Corrective Patterns
Flats
B-Failure
C-Failure
Common
Double Failure
Elongated
Irregular
Irregular Failure
Running
Zigzags
Wave-a
Wave-b
Wave-c
Triangles
Contracting
I. Limiting
a. Horizonal
Wave-a
Wave-b
Wave-c
Wave-d
Wave-e
b. Irregular
Wave-a
Wave-b
Wave-c
Wave-d
Wave-e
c. Running
Wave-a
Wave-b
Wave-c
Wave-d
Wave-e
II. Non-Limiting
Wave-a
Wave-e

Expanding
I. Limiting
a. Horizontal
b. Irregular
c. Running
II. Non-Limiting

12 ADVANCED NEELY EXTENSIONS
Channeling (unique applications)
Wave-2
Detection of a running Double Three
Wave-4
Wave-B
Traingular Activity
Terminal Activity
Real 2-4 Trendline

Impulse Identification with Channeling
1st Wave Extension
3rd Wave Extension
5th Wave Extension
Double Extension

Corrections Identification with Channeling
Flats
Zigzags
Triangles
Complex Patterns
Double & Triple Zigzags
Double & Triple Combinations (which start with
Zigzags)
Double & Triple Flats
Double & Triple Combinations (which start with
Flats)

Identifying the Completion of Waes

Advanced Fibonacci Relationships
Internal
Impulse Patterns
1st Wave Extension
3rd Wave Extension
5th Wave Extension
Corrections
Wave-2 & Wave-4
Wave-a & Wave-b
Wave-c in Zigzags
Wave-c in Flats
Wave-c in Triangles
Wave-d
Wave-e

External
Impulsions
1st Wave Extension
3rd Wave Extension
5th Wave Extension
Corrections
Double & Triple Zigzags and Combinations
Double & Triple Flats and Combinations

Missing Waves
Where and when do they occur?
How do they occur?
Why do they occur?
Which patterns are susceptible?

Emulation
Double Failure
Double Flats
Double & Trile Zigzags
1st Wave Extension
5th Wave Extension

Expansion of Possibilities

Localized Progress Label Changes

APPENDIX
Forecast to the Year 2060

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This is general information not prepared for your specific investment objectives, financial situation or needs. Consult a licenced investment adviser before making investment decisions. Past performance is no guarantee of future performance. There is a risk of loss in trading as well as potential for profit. The opinions and methods you will hear today are from Jake Bernstein. The site is based on past historic data and is about methods and education. Jake Bernstein is a private trader and has much experience in trading. You will be taught his theories and opinions on trading methods. In no way is this intended as financial advice or an invitation to trade. Jake Bernstein is a not a Licensed Financial Services Licensee and therefore does not give investment Advice. He is teaching you his trading methods and that is all. You understand that you have to do your own research once you have learned these methods on your own markets. Jake Bernstein and ADEST make no guarantee about how you will perform using these methods. Jake Bernstein is not licensed to give advice or cause you to deal in a financial product in Australia. Please do not ask him to do so. He will keep to his methods. There will be a Licensed Financial Adviser at the Seminar with whom you can consult with about trading decisions. Do not ask Jake Bernstein for his current or future market opinion or anything to do with your own circumstances.

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